Retirement Savings Pilot Program Launches July 1
The launch of the Oregon Retirement Savings Plan's pilot program is less than a month away. Here's a look at what employers should know about the program:
Who is participating in the pilot program?
This first phase includes only 11 employers, all of whom volunteered. There will be a second pilot program with about 40 employers starting in October. Anyone interested in joining the second pilot, should call 844-661-1256.
When do other companies start participating?
Your registration deadline depends on the number of employees you have, according to the schedule below. Program launches will be 45 days after the registration deadlines.
- November 15, 2017: 100 or more employees.
- May 15, 2018: 50 to 99 employees.
- December 15, 2018: 20 to 49 employees.
- May 15, 2019: 10 to 19 employees.
- November 15, 2019: 5 to 9 employees.
- May 15, 2020: 4 or fewer employees.
Also, any employer, regardless of size, can volunteer to start on January 1, 2018.
If my company offers a retirement plan, does it have to do anything?
All companies must register with the state to certify whether they offer a plan. Companies will receive registration notices in advance of the deadlines above with instructions. You also can get information online by clicking here.
If my company doesn't offer a retirement plan, what does it have to do?
Participating employers will be required to:
- Provide employee data to the state to allow the state to set up employee accounts.
- Pass along information about the program to employees.
- Do payroll deductions for participating employees.
- Keep track of employee opt-out and contribution decisions.
The state will notify you when your registration deadline is approaching.